California Trusts
Trust Attorney Los Angeles
A California trust is very common for individuals who own real estate, have minor children and/or have other significant assets. A trust is an investment during your life that will save your beneficiaries significant time and money after your death. By avoiding California Probate , a trust allows your loved ones to privately follow through with your wishes without the difficulty of court
administration.
The estate plan packages at Best Coast Estate Law include options with and without a trust.
Frequently Asked Questions
Our team specializes in simplifying the estate-planning process so you and your loved ones can feel certain about every decision. Start with this overview, and thenbook a consultation when you’re ready to talk more.
What is a California living trust?
A “living” trust is created during your life to transfer your assets to your beneficiaries
at your death without the need for Probate Court. Any California resident with
children or who owns property should have a living trust. The person who creates
the trust is usually the “Trustee” during his/her life and therefore retains full control of their assets. The “Successor Trustee” is nominated to manage and transfer assets
after the owner’s death, according to the terms created by the owner during their
life.
What is a California revocable trust?
A trust is “revocable” if you can update and change the terms during your life. Most living trusts are revocable so that you have the flexibility to update the terms and conditions as necessary. A revocable trust becomes irrevocable upon your death- meaning no one can change the terms you decided on during life. An irrevocable trust cannot be changed during or after your life.
What are the benefits of a trust over a will?
A trust avoids California Probate, while a will must be approved by the Probate
Court to be effective. By avoiding probate, a trust avoids the cost and time of
Probate Court. A trust passes property to beneficiaries quickly and privately, according to the terms of the trust. A typical Probate in California will take at least a year and the Probate attorney is paid a percentage of the value of the assets. A trust typically avoids the waiting period of Probate and the cost of a Probate attorney while also keeping the terms of the trust private.
What is a Quitclaim Deed – Trust Transfer?
When you create a living trust in California you must quitclaim the deed of your home into your trust. This transfer does not affect your mortgage OR your property taxes because it is not considered a change of ownership. You can still lease your house, sell your house or refinance/mortgage the property when it is in the trust.
